Bitcoin By the Numbers

Best Bits From Last Week

Bitcoin Price Outlook: Neutral

Pricing Recap

This was a wild week in the bitcoin market. itBit’s launch of the first fully regulated Bitcoin exchange in the U.S. on Thursday helped drive the price up from Wednesday’s low of $228 to a high of around $250. Traders were finally given a window to knock in some runs after being forced to settle for singles and doubles the past few weeks due to the relatively flat market. The 8% gain from Thursday to Friday was a nice opportunity to close out positions.

The Week Ahead

Volume figures continue to be concerning as the market searches for marginal buyers. According to TradeBlock's XBX Index historical volume, which consolidates volumes across the exchanges they track, week over week volume is down 50% (as of this writing). Assuming the absence of positive news to help prop up the market, the decline in trade volume indicates that the bitcoin price is due for a gradual slide.

Finally, let's take a look at the bitcoin price's support and resistance levels. Two weeks ago, the short-term trading range was between $219-229. After adjusting to factor in the past week's announcements and trading activity, we see the new support at $235 and resistance at $250.

itBit is Now Available to US Customers Nationwide

Learn more about itBit’s launch in the United States as the first regulated bitcoin exchange available to US traders nationwide:

Bobby Cho is the Director of the Institutional Client Group at itBit. Previously, Bobby was Vice President of Trading at SecondMarket specializing in trading bitcoin and illiquid asset-backed securities.

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